Strength in Numbers:
North American family businesses account for 53% of the World’s 250 largest family businesses. 80% of the businesses in the United States are family businesses (J.H. Astrachan and M.C. Shanker, Family Business Review, 2003).
Influence of Family Businesses on American Economy:
Employ 57% of North America’s workforce, estimated to be close to 97 Million employees.
Generate 57% of the United States Gross Domestic Product (GDP)
Create 70% of all new jobs in North America
Provide 55% of all Charitable Donations
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Family Businesses Life Span and Longevity:
The average life span of a family-owned business is 24 years (familybusinesscenter.com, 2010)
About 40% of U.S. family-owned businesses turn into second-generation businesses, 13% are passed down successfully to a third generation and 3% to a fourth or beyond ((Businessweek.com, 2010)